Press release

Geneva, 17 November 2025 – Covantis has reached a major milestone in the digitalization of global agricultural trade, with over 5 million metric tons of grains and oilseeds transported on 80 vessels using its electronic Bill of Lading (eB/L) solution in the first ten months since launch. In a further breakthrough, Covantis, together with Rabobank, Louis Dreyfus Company, and COFCO International, completed the industry’s first fully digital Cash Against Documents Custody transaction, marking a key step toward paperless agri trade.

While other commodities such as energy, metals, and container shipping have advanced rapidly in adopting electronic Bills of Lading, agriculture is still in the early stages of this transition, with eB/Ls representing just 1 to 3 percent of global trade. Covantis eB/L solution, powered by Secro, is designed to close this gap by enabling the secure issuance, transfer, and presentation of digital Bills of Lading across the agri value chain.

Since launch, 75 trading legal entities have joined the platform, including ADM, Bunge, Cargill, COFCO International, Louis Dreyfus Company, Marubeni Group, Seaboard and a large US exporter and trader, along with 12 agents and 69 vessel owners—many of them first-time eB/L users. The solution has been deployed across key trade lanes such as North America and Latin America to Europe, intra-Europe, Latin America to Australia, and within Australasia, with all cargoes cleared smoothly by port authorities.

Stefanie Gummelt, Director Global Trade Execution in ADM, said “Following the successful implementation of several of ADM’s in-house flows using eBLs, we continue to explore additional opportunities for eBL adoption across our operations. Our goal is to drive broader adoption of digital documents across the market, demonstrating our commitment to leveraging technology for improved service and efficiency. This transition will streamline processes, minimize risks, and encourage strong collaboration across the industry.”

“Cargill has a long history of using electronic Bills of Lading, underscoring our commitment to innovation and efficiency in global trade execution. Building on that experience, we view the Covantis eB/L solution powered by Secro as a transformative development for the industry. It combines security with simplicity and enables seamless collaboration across the trade. This progress moves us closer to a future with less paper, faster processes, and a fully digital agri-trade ecosystem”,said Nathalie Hogarth, Global Trade Execution Lead at Cargill.

A highlight of the first ten months was the industry’s first eB/L Cash Against Documents Custody transaction executed through Rabobank, with Louis Dreyfus Company as seller and COFCO International as buyer. The deal digitized the traditional custody process—where banks hold paper Bills of Lading until payment—replacing it with a secure electronic custody service on the Covantis platform. The new “eB/L Custody” functionality allows banks to hold eB/Ls and related shipping documents digitally and release them automatically upon payment confirmation.

“Using an eB/L under a cash-against-documents presentation is a tangible step toward a paperless future for our industry,” said Nicole Bavaud, Global Head of Operations, Grains and Oilseeds at COFCO International. “It reduces the risks of discharge against Letters of Indemnity, document loss, or fraud, and reflects great teamwork across our organization. This milestone brings us closer to making fully digital trade a standard reality in the coming years.”

“The adoption of eBL has significantly enhanced our operational efficiency by simplifying document workflows and expediting execution timelines, while also reducing the risk of late document delivery, loss, or fraud. The platform is intuitive and user-friendly, making the transition seamless. Beyond exchanging eBL, it enables the secure exchange of all other electronic shipping documents, bringing transparency and speed to our logistics processes”, stated Luc de Villele, Global Lead of International Execution at Louis Dreyfus Company

“Rabobank is pleased to partner with Covantis to provide the innovative “eBL Custody” service. Our anchor participation in this new offering is emblematic of Rabobank’s key role in the agri commodity trade, our drive to innovate and our willingness to embrace digitalization.”, stated Ernst van Cleef, Global Head TCF Product Management of Rabobank.

While the digitalized volume remains small compared to total global agri shipments, the early results highlight growing momentum toward broader adoption. Covantis expects continued onboarding of counterparties, agents, and financial institutions over the coming months, further expanding the digital ecosystem that underpins agricultural commodity trade.

Covantis eB/L is part of the broader Covantis digital ecosystem, trusted by 75 global and regional trading firms and over 100 trade service providers. By streamlining document processes, increasing efficiency, and reducing risk, Covantis is shaping the future of digital trade.

About Covantis
Covantis was created with the aim to digitalize trade execution processes and bring efficiency to industry participants at all levels.
https://covantis.io/